Zacks Investment Research upgraded shares of ArcelorMittal (NYSE:MT) from a hold rating to a buy rating in a research note released on Tuesday, July 11th. They currently have $26.00 price objective on the basic materials company’s stock.
According to Zacks, “ArcelorMittal outperformed the Zacks categorized Steel-Producers industry over the past one year. ArcelorMittal should gain from its efforts to reduce debt, lower costs, expand capacity and improve efficiency. It is making a significant progress in its cost reduction initiatives under the Action 2020 program. Moreover, ArcelorMittal is looking to sell its non-core assets to focus on important operations and also expanding its advanced high strength steel product line.”
Several other brokerages have also recently issued reports on MT. Cowen and Company raised ArcelorMittal from a market perform rating to an outperform rating and raised their target price for the stock from $30.00 to $33.00 in a research report on Thursday, March 23rd. They noted that the move was a valuation call. J P Morgan Chase & Co raised ArcelorMittal from a neutral rating to an overweight rating and lifted their target price for the company from $25.20 to $25.32 in a research note on Friday, March 31st. Credit Suisse Group set a $45.00 price objective on ArcelorMittal and gave the stock a buy rating in a research note on Saturday, March 25th. BidaskClub raised ArcelorMittal from a hold rating to a buy rating in a research note on Thursday, July 6th. Finally, ValuEngine downgraded ArcelorMittal from a buy rating to a hold rating in a research note on Tuesday, May 23rd. One analyst has rated the stock with a sell rating, three have assigned a hold rating, thirteen have assigned a buy rating and two have issued a strong buy rating to the company’s stock. The stock currently has an average rating of Buy and a consensus price target of $29.72.
Shares of ArcelorMittal (NYSE:MT) traded down 1.17% during mid-day trading on Tuesday, reaching $27.04. 6,337,185 shares of the company’s stock were exchanged. The stock has a 50-day moving average of $23.84 and a 200 day moving average of $24.07. The firm has a market capitalization of $27.58 billion, a P/E ratio of 8.51 and a beta of 2.09. ArcelorMittal has a one year low of $16.14 and a one year high of $28.11.
ArcelorMittal (NYSE:MT) last posted its quarterly earnings data on Thursday, July 27th. The basic materials company reported $1.33 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.78 by $0.55. ArcelorMittal had a return on equity of 10.52% and a net margin of 5.50%. The business had revenue of $17.24 billion during the quarter, compared to the consensus estimate of $16.88 billion. During the same quarter in the prior year, the company earned $0.38 earnings per share. The firm’s quarterly revenue was up 17.0% compared to the same quarter last year. On average, analysts forecast that ArcelorMittal will post $3.07 EPS for the current fiscal year.
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Large investors have recently modified their holdings of the company. Russell Investments Group Ltd. purchased a new stake in shares of ArcelorMittal during the fourth quarter valued at $1,810,000. Comerica Bank boosted its stake in shares of ArcelorMittal by 12.4% in the fourth quarter. Comerica Bank now owns 177,008 shares of the basic materials company’s stock valued at $1,423,000 after buying an additional 19,459 shares in the last quarter. FMR LLC boosted its stake in shares of ArcelorMittal by 735.3% in the fourth quarter. FMR LLC now owns 2,870,010 shares of the basic materials company’s stock valued at $20,951,000 after buying an additional 2,526,400 shares in the last quarter. GSA Capital Partners LLP boosted its stake in shares of ArcelorMittal by 324.5% in the fourth quarter. GSA Capital Partners LLP now owns 65,766 shares of the basic materials company’s stock valued at $480,000 after buying an additional 50,273 shares in the last quarter. Finally, Nepsis Capital Management Inc. purchased a new stake in shares of ArcelorMittal during the first quarter valued at $6,325,000. Institutional investors and hedge funds own 9.72% of the company’s stock.
ArcelorMittal SA (ArcelorMittal) is a holding company. The Company, together with its subsidiaries, owns and operates steel manufacturing and mining facilities in Europe, North and South America, Asia and Africa. ArcelorMittal operates through five segments, which include NAFTA; Europe; Brazil; Africa and Commonwealth of Independent States (ACIS), and Mining.
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